Can you meet the criteria for retiring at 70? Test yourself with these six queries.

Retiring at 70 is a significant decision that should not be based solely on age. This is according to financial experts who advise considering a multitude of factors before making this important life choice.

Valerie Johnson, wealth planning manager at Axtella, emphasises the importance of assessing one's financial capability for retirement. She suggests putting a financial plan on paper to take emotion out of retirement decisions. Johnson also advises considering the value one derives from work relationships and the need for alternative sources of value in retirement.

Jennifer Pagliara Horton, executive vice president and financial advisor at CapWealth, echoes similar sentiments. She points out that fear of spending saved money can prevent retirement. Horton suggests a visit with a financial adviser may help alleviate this fear and devise a withdrawal strategy to ensure money lasts in retirement.

Michael Berkhahn, vice President at Graham Capital Wealth Management, agrees that personal preferences play a role in the decision to retire at 70. He states that some people may continue to work beyond 70 due to these preferences. If longevity is on your side and family members have lived well into their late 80s and 90s, working a few more years may be a financially smart move.

Planning for retirement goes beyond finances. A retirement plan for free time is important to prevent emotional challenges like depression. A plan for aging in place, if that's your goal, is also crucial. The location of your home is an often overlooked element in planning for retirement.

It's worth noting that Medicare kicks in at 65, not at 70. Therefore, it's essential to have a plan for healthcare coverage before retiring at 70 or later. The housing situation should be set up before retirement as well.

Retirement is not mandatory if one enjoys their job, can perform the job, and there is no mandatory retirement age. However, if one cannot afford retirement, options may include putting retirement on hold, lowering expenses, or working part-time.

In conclusion, retiring at 70 is a significant decision that requires careful consideration of various factors. It's important to seek the advice of financial experts, plan for your healthcare and housing needs, and consider the emotional aspects of retirement. With careful planning and expert advice, retiring at 70 can be a rewarding and fulfilling chapter in one's life.